Yes, you read that headline correctly (and no, this is not some sort of elaborate hoax… we think). Walt Disney Pictures is, in fact, acquiring Lucasfilm in a deal valued at just over $4 billion. That means the Mouse House now controls the future of the Star Wars franchise – which means that more live-action films are indeed on the way, with a Star Wars 7 tentatively set to hit theaters sometime in 2015.

Scroll on down for additional information about the deal, along with the official statement from Disney Chairman and Chief Executive Officer Robert Iger – as well as the creator of the Star Wars universe (and head of Lucasfilm) George Lucas.

Earlier this year, Lucas announced his intention to leave his days of blockbuster filmmaking behind him. However, few (if anyone) could’ve predicted that meant selling the powerhouse studio he founded – not to mention, the rights to the game-changing sci-fi franchise he engineered – to Disney, a company that now owns three of the most lucrative creative bodies out there: Pixar, Marvel Entertainment, and now Lucasfilm. Here, as promised, are the official statements on the matter:

“Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas,” said Robert A. Iger, Chairman and Chief Executive Officer of The Walt Disney Company. “This transaction combines a world-class portfolio of content including Star Wars, one of the greatest family entertainment franchises of all time, with Disney’s unique and unparalleled creativity across multiple platforms, businesses, and markets to generate sustained growth and drive significant long-term value.”

“For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” said George Lucas, Chairman and Chief Executive Officer of Lucasfilm. “It’s now time for me to pass Star Wars on to a new generation of filmmakers. I’ve always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime. I’m confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organization, Star Wars will certainly live on and flourish for many generations to come. Disney’s reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products.”

Kennedy, of course, has led an illustrious career producing the collective works of director Steven Spielberg, as well as such famous titles as the Back to the Future trilogy, Who Framed Roger Rabbit, Twister, The Sixth Sense, and countless other money-raking tentpole projects. She will executive produce the seventh Star Wars movie, which Lucas is slated to serve as a creative consultant on. Expect to learn much more about the project over the forthcoming weeks, as the tentative 2015 release date indicates that early development (perhaps even pre-production) is well-underway.

Suffice it to say: this is a MASSIVE development, as far as the future of the Star Wars franchise is concerned. Where the film series will go from here, who will step in to write and direct future installments, how much they will (or won’t) deviate from the style of Lucas’ much-derided prequels – as well as countless books/video game spinoffs released over the past couple decades – has yet to be revealed.

Moreover, one has to wonder: now that Disney owns the franchise, what does this mean for the long-gestating live-action Star Wars television show that was going to bridge the gap between the first two film trilogies (before this unexpected turn of events, that is)? That was viewed as a potential change-in-direction for the property, moving it towards more-adult territory beyond where the prequels or the ongoing animated Clone Wars TV series have ventured. However, now that Disney owns the rights, will that theoretical vision for a Star Wars live-action show ever see the light of day?

UPDATE: During a conference call following this big announcement (via Coming Soon), Disney revealed plans for a new Star Wars trilogy beginning in 2015, with subsequent installments arriving in 2-3 year intervals thereafter. Deadline has also mentioned that the studio is exploring the possibility of a new animated Star Wars TV series for its Disney XD channel. However, even though Disney does now have partial ownership of the Indiana Jones franchise, Paramount’s claim on the property complicates the situation – which is why the Mouse House is prioritizing expansion of the Star Wars universe over producing more ‘Indy products.’

One thing’s for certain: you’d best start preparing to worship our Disney-overlords, as the Mouse House is seemingly determined to takeover the entire entertainment industry, piece by piece…

Continuing its strategy of delivering exceptional creative content to audiences around the world, The Walt Disney Company has agreed to acquire Lucasfilm Ltd. in a stock and cash transaction. Lucasfilm is 100% owned by Lucasfilm Chairman and Founder, George Lucas.

Under the terms of the agreement and based on the closing price of Disney stock on October 26, 2012, the transaction value is $4.05 billion, with Disney paying approximately half of the consideration in cash and issuing approximately 40 million shares at closing. The final consideration will be subject to customary post-closing balance sheet adjustments.

“Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas,” said Robert A. Iger, Chairman and Chief Executive Officer of The Walt Disney Company. “This transaction combines a world-class portfolio of content including Star Wars, one of the greatest family entertainment franchises of all time, with Disney’s unique and unparalleled creativity across multiple platforms, businesses, and markets to generate sustained growth and drive significant long-term value.”

“For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next,” said George Lucas, Chairman and Chief Executive Officer of Lucasfilm. “It’s now time for me to pass Star Wars on to a new generation of filmmakers. I’ve always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime. I’m confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organization, Star Wars will certainly live on and flourish for many generations to come. Disney’s reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products.”

Under the deal, Disney will acquire ownership of Lucasfilm, a leader in entertainment, innovation and technology, including its massively popular and “evergreen” Star Wars franchise and its operating businesses in live action film production, consumer products, animation, visual effects, and audio post production. Disney will also acquire the substantial portfolio of cutting-edge entertainment technologies that have kept audiences enthralled for many years. Lucasfilm, headquartered in San Francisco, operates under the names Lucasfilm Ltd., LucasArts, Industrial Light & Magic, and Skywalker Sound, and the present intent is for Lucasfilm employees to remain in their current locations.

Kathleen Kennedy, current Co-Chairman of Lucasfilm, will become President of Lucasfilm, reporting to Walt Disney Studios Chairman Alan Horn. Additionally she will serve as the brand manager for Star Wars, working directly with Disney’s global lines of business to build, further integrate, and maximize the value of this global franchise. Ms. Kennedy will serve as executive producer on new Star Wars feature films, with George Lucas serving as creative consultant. Star Wars Episode 7 is targeted for release in 2015, with more feature films expected to continue the Star Wars saga and grow the franchise well into the future.

The acquisition combines two highly compatible family entertainment brands, and strengthens the long-standing beneficial relationship between them that already includes successful integration of Star Wars content into Disney theme parks in Anaheim, Orlando, Paris and Tokyo.

Driven by a tremendously talented creative team, Lucasfilm’s legendary Star Wars franchise has flourished for more than 35 years, and offers a virtually limitless universe of characters and stories to drive continued feature film releases and franchise growth over the long term. Star Wars resonates with consumers around the world and creates extensive opportunities for Disney to deliver the content across its diverse portfolio of businesses including movies, television, consumer products, games and theme parks. Star Wars feature films have earned a total of $4.4 billion in global box to date, and continued global demand has made Star Wars one of the world’s top product brands, and Lucasfilm a leading product licensor in the United States in 2011. The franchise provides a sustainable source of high quality, branded content with global appeal and is well suited for new business models including digital platforms, putting the acquisition in strong alignment with Disney’s strategic priorities for continued long-term growth.

The Lucasfilm acquisition follows Disney’s very successful acquisitions of Pixar and Marvel, which demonstrated the company’s unique ability to fully develop and expand the financial potential of high quality creative content with compelling characters and storytelling through the application of innovative technology and multiplatform distribution on a truly global basis to create maximum value. Adding Lucasfilm to Disney’s portfolio of world class brands significantly enhances the company’s ability to serve consumers with a broad variety of the world’s highest-quality content and to create additional long-term value for our shareholders.

The Boards of Directors of Disney and Lucasfilm have approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, and other customary closing conditions. The agreement has been approved by the sole shareholder of Lucasfilm.

Note: Additional information and comments from Robert A. Iger, chairman and CEO, The Walt Disney Company, and Jay Rasulo, senior executive vice president and CFO, The Walt Disney Company, regarding Disney’s acquisition of Lucasfilm, are attached.